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Yahoo Finance Live anchors discuss third-quarter earnings for Campbell Soup Co.
BRAD SMITH: Got to talk about another collaboration tool, if you will, soup. I don't know. I tried to put them together somehow. Anyway, Campbell's Soup beating big.
JULIE HYMAN: Soup is a uniter.
BRAD SMITH: It is.
JULIE HYMAN: I think you can say that.
BRAD SMITH: The great unifier, soup. Campbell's Soup beating big on its earnings this quarter. The soup maker cheered by investors after reporting easing of supply chain snags here. And notably here, within the Campbell's Soup results that we saw come through, net sales increased 7%, organic net sales up 9% to $2.1 billion, compared to the prior year, and then 14% on a three-year basis. More of these three-year comps coming forward as well.
BRIAN SOZZI: This quarter checked a lot of boxes for me. Operating margins up. Gross margins adjusted up 90 basis points year over year. And really, an interesting comment from CEO Mark Clouse, talking about how, for the first time, they might be overcoming inflation because of the price increases they have taken. I have not heard that from a lot of the other food players, so I--
JULIE HYMAN: But volumes have-- I think volumes--
BRIAN SOZZI: Volume's down 3%.
JULIE HYMAN: Right, yeah. So that's something to note, is that the increases that they saw was all price. It wasn't because they were selling more soup or--
BRIAN SOZZI: And pretzels. Pretzels were a good part of the business. Snyder's [INAUDIBLE], good business for Campbell's Soup. So pretty good quarter. And we'll talk more about this later. Programming note, we'll have CEO Mark Clouse on later today in the 4:00 PM hour. Looking forward to catching up with Mark.
JULIE HYMAN: What's his favorite soup? That's what I-- find out.
BRIAN SOZZI: I will ask. I--
JULIE HYMAN: Please find out.
BRIAN SOZZI: I will ask that.
JULIE HYMAN: Yeah, important questions. We ask the important hard-hitting questions.